If you want to save more for retirement or need guaranteed1 retirement income, annuities offer benefits that can help meet your retirement goals. Greater Kinston Credit Union (GKCU) offers simplified deferred and immediate annuities to members through State Employees’ Credit Union’s wholly-owned subsidiary, SECU Life Insurance Company (SECU Life).
Is an Annuity Right for You?
Contact a licensed representative at (833) 599-7328 to determine if an annuity may be right for you.
What is an Annuity?
An annuity is designed to meet long-term financial goals such as retirement savings or providing retirement income. Annuities are often categorized by their primary function: growth and accumulation (a Deferred Annuity) or income (an Immediate Annuity).
SECU Life only offers fixed annuities. Fixed annuities have predetermined interest rates2 and payouts that do not vary with market fluctuations.
Types of Annuities to Consider
A Deferred Fixed Annuity is often used to supplement your tax-deferred retirement savings. When you put money in a deferred annuity at SECU Life, your money will grow at a specified rate,2 and taxes on the earnings are deferred until you withdraw3 some or all of your balance. This tax-deferred feature could benefit you if you've maximized your contributions to other retirement accounts, such as 401(k) plans or IRAs, and want another source of tax-deferred growth.
SECU Life Deferred Fixed Annuity4
Year 1: 5%
Year 2: 4%
Year 3: 3%
Year 4: 2%
Year 5: 1%
An Immediate Fixed Annuity is typically used to convert a portion of your retirement savings into guaranteed retirement income that you cannot outlive. This income can be used to cover your fixed expenses in retirement and may offset your risk of outliving your savings.
SECU Life Immediate Fixed Annuity5
Amount You Pay SECU Life: $100,000
Amount You Pay SECU Life: $250,000
*Single Life Only
**Joint Life Only (100% Survivor)
Why SECU Life?
SECU Life was founded in 2013 to provide simple, straightforward life insurance and annuity products to credit union members. With SECU Life, you can obtain an annuity that's simple and easy to understand, without complicated riders and benefits. Our insurance representatives are salaried employees who are not compensated by commissions or incentives, so you can rest assured their advice is in your best interest.
SECU Life builds on the Credit Union’s long-established history of "People Helping People" and member-focused service. We know many of our members would benefit from annuities and we want to meet those needs the Credit Union way!
Annuities are offered through SECU Life Insurance Company. SECU Life Insurance Company is a wholly-owned subsidiary of State Employees’ Credit Union. Annuities are not guaranteed by, a deposit of, or an obligation of any credit union and are not insured by NCUA or any other federal government agency.
Insurance Representatives are licensed to sell in North Carolina only.
1 Insurance Representatives are licensed to sell in North Carolina only.
2 Interest rates are subject to change daily. The initial interest rate will be guaranteed for the guarantee period. Afterwards, interest rates are subject to change annually, but not below the minimum guaranteed interest rate on the contract.
3 Withdrawals are subject to ordinary income tax. Surrender charges may apply to withdrawals. Withdrawals made prior to age 59 ½ may also be subject to a 10% federal tax penalty.
4 Form SPDA-122020
5 Form SPIA-122020
6 The monthly income payments provided are for illustrative purposes only and do not constitute a recommendation. There are other factors you need to consider when choosing to purchase an annuity. The monthly income payment you receive will be dependent on several variables that are subject to change until a contract has been issued. This information is not intended to offer any tax, legal, or financial advice.